Under the personnel shakeup, the plant- and offshore-related expert Oh and the financial specialist Lee will jointly lead the world's biggest shipbuilder, a company spokesman told the Korea Times Thursday.

"Taking full responsibility for recent dismal performances, CEO Choi has voluntarily stepped down. We hope the shakeup will add fresh momentum to effectively overcome the current difficulties,'' the spokesman said.

Meanwhile, Choi Won-kil, vice president of Hyundai Heavy Industries, was appointed as the new CEO of its affiliate Hyundai Mipo, replacing Song Jae-byung.